Toro Q1 Profit Rises

(RTTNews) - Toro Co. (TTC) reported that its first-quarter net earnings were $70.1 million, up 17.7% from $59.5 million in the first quarter of fiscal 2019. Earnings per share were $0.65, up 18.2% from $0.55 in the prior year.

Adjusted earnings per share were $0.64 per share, up 20.8% from $0.53 per share in the same prior-year period.

Net sales were $767.5 million, up 27.3% from $603.0 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.58 per share and revenues of $788.32 million for the first-quarter. Analysts' estimates typically exclude special items.

For the second quarter, the company expects adjusted earnings per share of $1.28 to $1.33 per share.

The company maintained its fiscal 2020 guidance, including net sales of about $3.6 billion and adjusted earnings per share of $3.33 to $3.40 per share.

Full year and second quarter 2020 guidance includes the benefit of Venture Products and nominal disruptions from coronavirus.